UNITED STATES | Visa Inc. announced last month that more of the top e-commerce merchants will offer Visa Checkout - the online checkout service launched by Visa less than a year ago. The newly announced merchants include Dunkin’ Donuts and Williams-Sonoma in the U.S., Pizza Hut and BONDS in Australia and Indigo and Roots in Canada.
A new report from comScore found that Visa Checkout shoppers convert to online buyers at a rate of 69 percent. This is likely because Visa Checkout customers complete online transactions faster than other shoppers who have to re-enter card and shipping information every time they want to purchase in the traditional check out flow. A separate report by Millward Brown2 found that 95 percent of Visa Checkout customers said signing up was easy and 96 percent said they felt secure using it.
Less Cart Abandonment, Higher Conversion Rates
Enrolled Visa Checkout customers were 66 percent more likely to complete a transaction than customers who must enter billing and card information in the traditional online checkout path. The average order total placed with Visa Checkout was seven percent higher than orders placed on retail and travel sites with other payment options.
“One of the biggest issues for online merchants is the cumbersome process of card data input that leads to consumer cart abandonment. Addressing this pain point for both merchants and consumers is crucial,” said Nick Holland, retail payments practice lead, Javelin Strategy & Research.
“With screens and keyboards getting smaller and smaller, checking out online must be incredibly simple and easy,” said Sam Shrauger, Visa’s senior vice president of digital solutions. “Visa Checkout offers just that – a fast, easy way to check out in just a few clicks without filling out endless form fields. The early response from consumers and merchants for Visa Checkout has exceeded our expectations and increased our commitment to seeing its acceptance and usage continue to grow on a global scale.”
About Visa Checkout: The Easier Way to Check Out
Visa Checkout is an online service from Visa that allows consumers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. With Visa Checkout, consumers can simply enter their username and password, and click a button to complete the purchase.
Since its launch less than a year ago, more than four million customers have signed up for Visa Checkout accounts. More than 125,000 large and small merchants and 260 financial institution partners now offer Visa Checkout globally. These represent some of the biggest retailers on the internet, including: Staples, Rakuten, Neiman Marcus, Gap, Pizza Hut, Orbitz, and Virgin America.
Visa Checkout will be available in 16 markets by the end of 2015. These are: Australia, Argentina, Brazil, Canada, Chile, China, Colombia, Hong Kong, Malaysia, Mexico, New Zealand, Peru, Singapore, South Africa, United Arab Emirates, and the United States.
New Visa Checkout Campaigns
Continuing on the success of the co-marketing and advertising campaigns implemented over the last year, Visa will kick-off several new campaigns with merchants throughout the summer months – ranging from surprise and delight consumer promotions to social media campaigns and sponsorship marketing. “Cinematic Pin” - a new feature from Pinterest going live this summer - will be one of the new initiatives to partner with Visa Checkout. It is a new ad format that includes motion in the Pin. Virgin America and Crazy8 will be among the first Visa partners to utilise Cinematic Pin with Visa Checkout.
Sourced from Press Release by Visa Inc., May 19th, 2015